The drug-device combination products are therapeutic and diagnostic products that amalgamate drugs, devices and biological products, leading to harmless and proficient cure of the patient. Such devices deliver the careful and specific drug aiming, local administration and individualized therapy. Foremost drug-device combination products comprise the drug-eluting stents, infusion pumps, inhalers, transdermal delivery systems, prefilled syringes, and several others. These technologically advanced products are utilized to manage and cure a number of chronic disorders such as cancer, diabetes, respiratory issues, cardiovascular disorders, wound healing, and several others.
According to the report analysis, ‘Drug-Device Combination Products Market: Current Analysis and Forecast (2021-2027)’ states that throughout the time of the pandemic, the health systems in foremost regions have been impacted. The intensive, intermediate and emergency care units in countless hospitals have been transformed to COVID care units. Also, the players functioning in the worldwide drug-device amalgamation products market are confronting foremost challenges owing to the COVID-19 pandemic such as the supply of raw materials for producing drug revolutions owing to inconsistencies in the transportation amenities. In addition, the distributors of products are facing improper requirement for the products from the retailers owing to the growing patient populace suffering from COVID-19 and other life-threatening syndromes.
The growth of the Global Drug-device Combination Products Market is propelled by augment in incidence of chronic diseases such as diabetes, cancer, and respiratory problems, augment in casualties due to accidents and trauma, augment in geriatric population, growth in home-based healthcare market, and technological advancements such as improvement of prefilled syringes. However, aspects, such as unnoticed complications of drug-device combination products, number of product recalls, and rigorous government regulations, limit the market growth. Conversely, augment in healthcare infrastructure and great market potential in untapped underdeveloped economies are expected to deliver the lucrative growth opportunities for the market.
The effective growth prevalence of chronic disease improvement in technology effectively supports the growth of the drug-device combination market. However, the restrictions and complications associated with the drug-device combination products may limit the future growth of the drug-device combination market. The collaboration and partnerships by foremost market players act as an opportunity. However, severe regulatory framework functions as a challenge for the growth of the worldwide drug-device combination market.
Additionally, the market is commonly driven by the increasing prevalence of chronic diseases such as diabetes, respiratory syndromes and cancer. Furthermore, the increasing geriatric population and technological advances in drug delivery systems is anticipated to boost market growth over the review period. Moreover, enlarging applications of drug device combination products, new improvements over the period are expected to foster the market growth. However, severe regulatory policies, product recalls and complications linked with some of the drug device combinations are expected to limit the market. On the other hand, increasing healthcare infrastructure advances in drug delivery technologies are projected to assistance the market growth over the period.
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Ankur Gupta, Head Marketing & Communications